Cross-Eyeing: EUR/CAD – Close Open Orders

It looks like EUR/CAD is dropping as hoped for, but our short entry was never triggered as the pair came up as high as 1.5524, narrowly missing our short order by about 6 pips. With the Loonie rallying against the Euro and way past the bottom of the channel we will cancel all open orders.

Trade Idea: 2007-03-08 14:20

EUR/CAD has been stuck in a range between 1.5401 and 1.5532 for a while now. With the European Central Bank raising rates to 3.75% we should see a rise in value in the Euro against the Canadian Dollar – perfect for bringing us to a good price to short this pair at the top of the range.

Also, stochastics are showing the the pair is ready to move back to the bottom of the channel as they move out of overboughtterritory.

So, we have a very nice low risk/ high reward setup… let’s get started:

Short EUR/CAD at 1.5530, stop at 1.5565, pt1 at 1.5475, pt2 at 1.5410

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck and trading!

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